<PAGE>
 
                              ZAPATA CORPORATION
                     CONDENSED CONSOLIDATED BALANCE SHEET
                     LIABILITIES AND STOCKHOLDERS' EQUITY
                                (in thousands)

<TABLE> 
<CAPTION> 

                                                   June 30,       September 30,
                                                     1995             1994
                                                   --------       -------------
<S>                                                <C>            <C> 
Current liabilities: 
  Current maturities of long-term debt             $  8,437          $  2,915 

  Accounts payable and accrued liabilities           27,776            41,532
                                                   --------          --------
    Total current liabilities                        36,213            44,447
                                                   --------          --------
Long-term debt                                       34,385            53,972
                                                   --------          --------
Other liabilities                                    19,365            16,139
                                                   --------          --------
Stockholders' equity:
  Preferred and preference stock                          3             2,258

  Common stock                                        7,376             7,930

  Capital in excess of par value                    129,344           138,293

  Reinvested earnings from October 1, 1990            7,168             1,785

  Investments unrealized gain (loss), net of taxes     (740)            4,276
                                                   --------          --------
                                                    143,151           154,542
                                                   --------          --------
    Total liabilities and stockholders' equity     $233,114          $269,100
                                                   ========          ========
</TABLE>

 
   The accompanying notes are an integral part of the financial statements.

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